Madhya Bihar Gramin Bank Kisan Credit Card 2024, Overview, Interest Rates & Eligibility
Overview
Madhya Bihar Gramin Bank, one of the major Gramin Banks has launched Madhya Bihar Gramin Bank Kisan Credit Card to provide adequate, hassle-free and timely credit to farmers for expenses related to agriculture and allied activities under a single window.
Objective
Madhya Bihar Gramin Bank Kisan Credit Card provides credit assistance for working capital requirement/short term credit requirement for cultivation of crop including Post harvest expenses, production marketing loan, Consumption requirement and towards maintenance of farm assets.
Eligibility
- All Farmers - Individuals / Joint borrowers who are owner cultivators
- Tenant Farmers, Oral Lessees & Share Croppers
- Self Help Groups (SHGs) or Joint Liability Groups of Farmers
Credit Limit
- Up to 5 Lakhs (Upto 10 Lakhs for borrower having satisfactory operation from last two years)
- On basis of oral lessees up to Rs.15000/- (Tenant farmers and landless labourers)
- Up to Rs.50000/- to JLGs recommended by NGOs approved by NABARD and having banking habit.
- Maximum up to Rs.25000/- to JLGs, which provided certified copy of the land owner regarding cultivation of land.
- The KCC limit will be fixed for the limit arrived for the 5th year based on the scale of finance fixed by DLTC.
Interest Rate
Interest rate, prevaling from time to time, will be applicable for the loans financed under the scheme. Interest Subvention, on prompt repayment,of 3% is available from Central Government.
Insurance
Crop Insurance and Personal AccidentalInsurance is mandatory. 1 Lakh Accidental Insurance on RuPay Card is available without Premium, if transaction took place using card within last 45 days of accident.
Repayment
Within 12 Months.
Disbursement
Disbursement to be done in the form of revolving Cash credit facility. DP to be allowed on the basis of scale of finance for that year. KCC RuPay card is available which can be used in any ATM in the country.
What is Personal Accident Insurance Scheme (PAIS) for KCC Holders?
Personal Accident Insurance Scheme (PAIS) is an accident insurance scheme especially designed for KCC holders. NABARD has, in consultation with the representatives of insurance companies, bankers and Govt. of India, finalised the Personal Accident Insurance Scheme for KCC holders, for uniform implementation by banks throughout the country. It was introduced on 14 June 2001.
It covers risk of KCC holders against:
- Death (or)
- Permanent Disability
Death (within 12 months of the accident) or permanent disability should be resulting from accidents caused by external, violent and visible means.
It gives following risk covers:
- Death due to accident (within 12 months of the accident) caused by outward, violent and visible means: Rs 50,000
- Permanent total disability: Rs.50,000
- Loss of two limbs or two eyes or one limb and one eye: Rs.50,000
- Loss of one limb or one eye: Rs.25,000
KCC holder has the option to take benefit of Accident Insurance (including PAIS) whose premium has to be paid by him through his KCC account. Premium payable Rs.15/- for a one year policy while Rs.45/- for a 3-year policy. Premium has to be borne by farmers/bank according to the terms of the Scheme. To avail this insurance cover, the applicant should not be over 70 years of age at the time of availing the Kisan Credit Card